Cheapest #Dubai Stocks in 8 Years Trigger Best Gain Since 2016 - Bloomberg

Cheapest Dubai Stocks in 8 Years Trigger Best Gain Since 2016 - Bloomberg:

Investors just woke up to the allure of last year’s worst-performing stock market, with Bank of America Merrill Lynch and Morgan Stanley saying it’s bargain time.

Dubai’s main index, which tumbled almost 25 percent last year, had its best day on Wednesday since December 2016. Before that, the stocks had been trading at the biggest discount to their emerging-market peers since 2011.

“U.A.E. stocks look very, very attractive valuation-wise,” said Hootan Yazhari, the head of Middle East, North Africa and global frontier markets at Bank of America Merrill Lynch in Dubai. “Especially in the real-estate sector, you’ve seen a pullback over concerns on overbuilding and overcapacity. And it’s just fair, because we have seen house prices and rents falling.”